For customers who have already ordered Xiaomi SU7, Nio's offline stores are offering a subsidy of RMB 5,000 to entice them to switch to Nio models, according to local media.

(Image credit: CnEVPost)

Nio (NYSE: NIO) is reportedly offering incentives to entice Xiaomi SU7 order holders to switch to its models.

For those who have already ordered the Xiaomi SU7, Nio's offline stores are offering a subsidy of RMB 5,000 ($690) to entice them to switch to Nio models, local media outlet Cailian reported today.

"We are subsidizing the same RMB 5,000 whenever you place an order," the report quoted a Nio store salesperson as saying.

"Our deposit is also RMB 5,000, and you can get a refund at any time even if your order is locked-in and the factory schedules production," the salesperson said.

Meanwhile, store sales of Xpeng (NYSE: XPEV) and Li Auto (NASDAQ: LI) said a number of models have adjusted their selling prices or introduced limited-time subsidies, and are no longer offering incentives exclusively for Xiaomi SU7 order holders, according to the report.

Xiaomi officially launched the SU7 on March 28, offering three versions -- standard, Pro, and Max -- with starting prices of RMB 215,900 ($29,800), RMB 245,900, and RMB 299,900, respectively.

Customers can pay RMB 5,000 to order the SU7, with the deposit refundable at any time within seven days, or they can choose to lock in their order early.

The model has garnered unprecedented buzz, with Xiaomi founder, chairman, and CEO Lei Jun announcing at an investor conference earlier today that locked-in orders for the Xiaomi SU7 have exceeded 70,000 units.

Xiaomi is targeting 100,000 deliveries in 2024 for the SU7, Lei said.

The massive number of orders has resulted in a long waiting time for SU7 deliveries, with customers who have ordered the model currently having to wait about eight months for delivery, according to Xiaomi EV's mobile app.

Yesterday, local media reported that salespeople at some Huawei stores were offering customers holding orders for the Xiaomi SU7 a RMB5,000 subsidy to get them to ditch Xiaomi's model in favor of the Luxeed S7.

Lei then took to Weibo to tell his fans that they could choose the Luxeed S7, Nio ET5, and Xpeng P7 if they couldn't wait for the Xiaomi SU7

($1 = RMB 7.2448)

Xiaomi CEO tells his fans to buy Luxeed S7, Nio ET5, Xpeng P7 if they can't wait for Xiaomi SU7